Chicago Agricultural Commodities End Mixed over Week

Chicago Agricultural Commodities End Mixed over Week

By Philippine News Agency

Chicago Board of Trade (CBOT) grains futures closed mixed over the trade week which ended April 28, as Central U.S. weather pattern weighs on spring planting of the crops.

CBOT corn futures ended near unchanged on the week with day-to-day trading trying to assess weather. The market is battling ongoing weak cash basis at the US Gulf and South America, which suggests the market is still looking for demand amid record world supplies, and a rather adverse North American weather pattern.

Analysts' work indicates that planting dates are not overly important in determining final yield, but if ongoing cool, wet weather doesn't fade soon, there is a very real risk of further U.S. and Canadian corn acreage declines.

Cool temps will push pollination to occur during what is usually the hottest part of summer. Ethanol margins are solid, export demand will remain intact in the short run, and a big supply/big demand will remain the feature.

Wheat futures at all U.S. exchanges scored a technical reversal this week, having posted new contract lows.

Funds hold a record net short position in Chicago, a near record short in Kansas City, and North American weather is concerning. Disease pressure will be elevated amid rainfall of 4-6" across Arkansas, Missouri and South Illinois; and freezing temps and snow will be common across West Plains this weekend. And a shift to warmer weather is not indicated. The Kansas wheat tour starts Monday which should help assess some of the damage. …

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